Press Esc to close

HDFC Bank net up 18.3% to Rs 3,990 cr

DH News Service, Mumbai, Apr 21 2017, 22:57 IST
The bank had provisions of Rs 662.5 crore in the same quarter previous fiscal. This included specific loan loss provisions of Rs 490.3 crore, general provisions of Rs 161.1 crore and other provisions of Rs 11.1  crore. DH File Photo

The bank had provisions of Rs 662.5 crore in the same quarter previous fiscal. This included specific loan loss provisions of Rs 490.3 crore, general provisions of Rs 161.1 crore and other provisions of Rs 11.1 crore. DH File Photo

HDFC Bank reported a 18.3% increase in standalone net profit for the quarter ended March 31, 2017, at Rs 3,990.1 crore compared with Rs 3,374 crore in the same quarter previous fiscal.

Provisions and contingencies for the quarter ended March 31, 2017 were Rs 1,261.8 crore. This includes specific loan loss provisions of Rs 977.9 crore, general provisions of Rs 280.3 crore and other provisions of Rs 3.6 crore.

The bank had provisions of Rs 662.5 crore in the same quarter previous fiscal. This included specific loan loss provisions of Rs 490.3 crore, general provisions of Rs 161.1 crore and other provisions of Rs 11.1 crore.

The specific loan loss provisions for the quarter ended March 31, 2017 include provisions on accounts that would have turned non-performing assets (NPAs) during the quarter ended December 31, 2016, but were classified as NPAs during the quarter ended March 31, 2017, in line with the additional 60/90 day dispensation provided by the Reserve Bank of India vide its circulars dated November 21, 2016 and December 28, 2016, the bank said.

Meanwhile, for the second quarter in a row, there was a massive drop in HDFC Bank’s headcount that came down by over 6,000 to 84,325 owing to increased digitalisation in the March quarter and it expects the trend to continue.

Shares of the bank on Friday rose by over 2%, adding Rs 8,918 crore to its market valuation, after the company reported an 18.2% growth in net profit for the March quarter.

The stock gained 2.38% to end at Rs 1,496.75 on the BSE. During the day, it rose by 2.60% to Rs 1,500, its 52-week high level.

Go to Top

More from this section
Most trending stories
Photo Gallery
Sri Lanka's Suranga Lakmal in action during the first ODI cricket match against India at the HPCA...

Sri Lanka's Suranga Lakmal in action during the first ODI cricket match against India at the HPCA...

Family members of various fishermen, who are still missing following cyclone Ockhi...

Family members of various fishermen, who are still missing following cyclone Ockhi...

LGBT people raise slogans during 16th Kolkata Rainbow Pride Walk in Kolkata on Sunday...

LGBT people raise slogans during 16th Kolkata Rainbow Pride Walk in Kolkata on Sunday...

Vice President M Venkaiah Naidu honours MSSRF Chairman M S Swaminathan at an award function...

Vice President M Venkaiah Naidu honours MSSRF Chairman M S Swaminathan at an award function...

Prime Minister Narendra Modi being presented a lotus-garland by the BJP workers during an election..

Prime Minister Narendra Modi being presented a lotus-garland by the BJP workers during an election..

Rahul Gandhi, Vice-President of India's main opposition Congress Party, is garlanded by supporters..

Rahul Gandhi, Vice-President of India's main opposition Congress Party, is garlanded by supporters..

Dressed in Santa Claus outfits, a diver feeds sardines as part of events to celebrate...

Dressed in Santa Claus outfits, a diver feeds sardines as part of events to celebrate...

A model showcases a creation by designer Tarun Tahiliani at Fashion Tour 2017 in Mumbai...

A model showcases a creation by designer Tarun Tahiliani at Fashion Tour 2017 in Mumbai...

A farmer works at his mustard field at a village on the outskirts of Amritsar on Saturday...

A farmer works at his mustard field at a village on the outskirts of Amritsar on Saturday...

Border Security Force (BSF) jawans during a training session at Kathua, about 90 kms from Jammu...

Border Security Force (BSF) jawans during a training session at Kathua, about 90 kms from Jammu...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.